If the option is available, would you simply recommend purchasing such a property with cash to save on the hassle?

Find someone with more experience to teach you, this will avoid headaches and will save you a lot of money.

My budget is low....but not sure what worse, waiting ti soknehow try to save more money or a slow start.I am also considering trying to find s partner orprivate lender.

Add up with you will save vs rent the added cost of if rates rise by %.5 or %1 and the possibility of %5 year over year appreciation and any simpler home improvements you could do to add equity.

If you are looking for forced savings of $900/mo, this may not be a bad option as you are probably paying down equity pretty quickly. 

I do work full time, can save 200-300 per week, and have a small savings of 5000.

My wife and I are vagabonds (currently living in New Orleans) and have saved up around $50K (and rising) to being investing in real estate with the focus on finding a 2-4 family in an up and coming market to house hack, we would like to buy a few more over the coming years and we are also interested in doing flips to help finance more purchases as we go to build lasting passive income and wealth.

The landlord/tenant security deposit account that is set up is an interest bearing savings account.

The seller is sort of stuck on his asking price and would like to see if he can save realtor commissions by not going on market.

Pay down debt, budget/cut expenses, increase income, and finally save/invest.